TORONTO, March 4, 2021 /CNW/ - Sleep Country Canada
Holdings Inc. ("Sleep Country" or the "Company") (TSX: ZZZ)
announced today acceptance by the Toronto Stock Exchange (the
"TSX") of the Company's Notice of Intention to Make a Normal Course
Issuer Bid ("NCIB"). Pursuant to the NCIB, the Company proposes to
purchase through the facilities of the TSX or alternative trading
systems, from time to time over the next 12 months, if considered
advisable, up to a maximum of 928,333 common shares ("Shares") of
the Company, being approximately 3% of its public float as of
February 28, 2021. Purchases may
commence through the TSX on March 9,
2021 and will conclude on the earlier of the date on which
purchases under the bid have been completed and March 8, 2022. The Company may purchase up to a
daily maximum of 30,660 Shares (representing 25% of the
average daily trading volume of the Shares on the TSX for the six
months prior to commencement of the NCIB), except where such
purchases are made in accordance with the "block purchase"
exception under applicable TSX rules and policies.
The Shares may be purchased for cancellation through the
facilities of the TSX or alternative trading systems. The board of
directors of Sleep Country has concluded that the market price of
Sleep Country's Shares may not, from time to time, reflect the
inherent value of the Company and purchases of Shares pursuant to
the bid may represent an appropriate and desirable use of funds
that allows the Company to return excess cash to shareholders,
while still having sufficient cash available to fund all of its
growth capital expenditure requirements.
The Company did not purchase any Shares under its previous
normal course issuer bid which commenced on March 9, 2020, pursuant to which it sought and
obtained approval of the TSX to purchase 1,368,363 Shares. In
response to the COVID-19 pandemic, in March
2020 the Company undertook a number of liquidity management
measures, including temporarily suspending purchases under its
normal course issuer bid. The suspension was lifted on November 9, 2020. Sleep Country's previous normal
course issuer bid expired on March 8,
2021. As of February 28, 2021,
the Company had 36,700,764 issued and outstanding Shares.
About Sleep Country Canada Holdings
Inc. (sleepcountryir.ca)
Sleep Country is Canada's
leading omnichannel specialty sleep retailer, with a national
brick-and-mortar footprint and digital infrastructure dedicated to
supporting the wellbeing of Canadians by matching each customer to
their best night's sleep. Sleep Country operates under three retail
banners (the "Banners"): "Sleep Country Canada", with omnichannel
operations in Canada excluding
Québec; "Dormez-vous?" with omnichannel operations in Québec and
"Endy", Canada's leading online
mattress-in-a-box retailer. As of March 4,
2021, Sleep Country has 282 stores and 17 distribution
centres across Canada. All of the
Company's stores are corporate-owned, enabling the Company to
develop and maintain a strong culture of customer service,
resulting in a consistent and superior in-store, online and home
delivery experience. Sleep Country also works closely with Canadian
charities to donate new and gently used mattresses to families and
children in need.
Forward-Looking Information
Certain information in this news release contains
forward-looking information and forward-looking statements which
reflect the current view of Management with respect to the
Company's objectives, plans, goals, strategies, outlook, results of
operations, financial and operating performance, prospects and
opportunities. Wherever used, the words "may", "will",
"anticipate", "intend", "estimate", "expect", "plan", "believe" and
similar expressions identify forward-looking information and
forward-looking statements. Forward-looking information and
forward-looking statements should not be read as guarantees of
future events, performance or results, and will not necessarily be
accurate indications of whether, or the times at which, such
events, performance or results will be achieved. All
the information in this news release containing
forward-looking information or forward-looking statements is
qualified by these cautionary statements.
Forward-looking information and forward-looking statements are
based on information available to management at the time they are
made, underlying estimates, opinions and assumptions made by
management and management's current good faith belief with respect
to future strategies, prospects, events, performance and results,
and are subject to inherent risks and uncertainties surrounding
future expectations general. Such risks and uncertainties include,
but are not limited to, those described in the Company's 2020
annual information form (the "AIF") filed on March 2, 2021. A copy of the AIF can be accessed
under the Company's profile on SEDAR at www.sedar.com. Additional
risks and uncertainties not presently known to the Company or that
the Company currently believes to be less significant may also
adversely affect the Company.
Readers are urged to consider the risks, uncertainties, and
assumptions carefully in evaluating the forward-looking information
and forward-looking statements and are cautioned not to place undue
reliance on such information and statements. The Company does not
undertake to update any such forward-looking information or
forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable laws.
SOURCE Sleep Country Canada Holdings Inc. Investor Relations